3rd- 7th June 2024
Ecotextile News
The purpose-led multimedia news platform for sustainability in the global fashion and textile industry.
We’ve reached the end of yet another great week here at Ecotextile News! You can view all of this week’s stories over at https://www.ecotextile.com/news/ but for now sit back, relax and let us catch you up with our hand-picked selection of the most important stories of the week????
Monday
??We started off the week with the news that UK recycling specialist ACS (Advanced Clothing Solutions) has been selected as one of 15 start-ups from across Europe to be part of this year’s Amazon Sustainability Accelerator.
The companies will pitch for the chance to pilot their technology with the online retail giant, with a potential investment of €50,000 ($54,000) to €2 million ($2.16m).
??We also delivered the news that Chinese-owned ultra fast fashion giant Shein is reportedly moving closer to a public flotation on the London Stock Exchange .
The company is set to file a confidential prospectus with the Financial Conduct Authority for approval ahead of a potential float, according to Sky News.
https://www.ecotextile.com/2024060332116/fashion-retail-news/shein-preparing-for-london-listing.html?
Tuesday
???? On Tuesday we released a new Ecotextile News exclusive video where we address a new online portal from the Business & Human Rights Resource Centre , which will continually update users with the latest information gathered on apparel supply chains, with a particular focus on purchasing practices and worker rights.
Rather than zeroing in on a particular nation or region, the platform collates information in all countries globally - whether textile-producing hotspots or states where apparel manufacturing is far less prevalent.
Natalie Swan , the Centre’s Labour Right Programme Manager, talks to Ecotextile News about what this platform has been created to achieve and discusses the industry context in which it has been launched.
??We also brought to you the exciting news that the remaining assets of bankrupt Swedish textile recycling pioneer Renewcell have been acquired by new owners who plan to continue the business under the name of its existing branded recycled fibre 'Circulose'.
Swedish private equity firm Altor Equity Partners has taken ownership of Renewcell's textile-to-textile recycling plant at Sundsvall and is now looking to create a new business strategy and build a new team.
Wednesday
??On Wednesday we revealed that sourcing technology specialist Sourcery has published the initial insights from its impact and assurance programme, a data collection scheme that is working to bring higher levels of transparency and traceability to the cotton supply chain in India and Pakistan.
The primary aim of the Impact and Assurance programme is to deliver harmonised, regional-specific and third-party verified primary data to the textile industry, while also strengthening the role of growers, grower organisations and manufacturers.
??We also brought the news that Textile manufacturer Beste Spa has spent more than €10 million ($10.9m) on a project to return cotton growing to Italy as part of a supply chain stretching from fibre to finished product.
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Along with substantial investments in machinery and new technologies, Beste recruited an international team of cotton specialists for the project to create Itaco-branded Italian organic cotton as early as this autumn.
Thursday
??We started Thursday off with the exciting news that sporting goods retailer Decathlon has relaunched an expanded buy-back scheme for tents to mitigate ongoing concerns over music festival waste.
The ‘no tent left behind’ campaign is now running in the UK until 13th September to stop festivalgoers and campers discarding their tents after one use.
??We also released that Cascale , formerly the Sustainable Apparel Coalition, will host a forum in Shanghai as part of a global series to address local sustainability challenges faced by manufacturers in the apparel industry.
The event, to be staged on 28th June at the ISPO Shanghai trade show, will feature keynote speakers Colin Browne , Cascale’s newly appointed CEO, and Scott Raskin , CEO of its technology partner Worldly.
Friday
??Today we revealed that the Apparel Impact Institute , which works with brands and factories to reduce the environmental and social impact of the fashion and textiles industry, is to launch the second round of its climate solutions portfolio (CSP) registry.
Now open to submissions on a rolling basis, the CSP registry is described as a hub of “proven, innovative solutions driving positive change in emissions reductions globally”.
??We ended the week with the controversial news that fast fashion giant Boohoo is facing a new lawsuit from investors over the drop in the company's share price after serious worker rights issues emerged in Leicester supply factories in 2020.
Law firm Fox Williams has filed a lawsuit against the Boohoo Group on behalf of a group of 49 institutional investors who purchased shares in the run-up to the controversy and subsequently suffered “huge losses” when Boohoo's value dropped by more than ￡1 billion ($1.3bn).
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